0001104659-13-050420.txt : 20130620 0001104659-13-050420.hdr.sgml : 20130620 20130620161101 ACCESSION NUMBER: 0001104659-13-050420 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130620 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130620 DATE AS OF CHANGE: 20130620 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAXIMUS INC CENTRAL INDEX KEY: 0001032220 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 541000588 STATE OF INCORPORATION: VA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12997 FILM NUMBER: 13924592 BUSINESS ADDRESS: STREET 1: ATTN: TREASURY DEPT. STREET 2: 1891 METRO CENTER DRIVE CITY: RESTON STATE: VA ZIP: 20190 BUSINESS PHONE: 7032518500 MAIL ADDRESS: STREET 1: ATTN: TREASURY DEPT. STREET 2: 1891 METRO CENTER DRIVE CITY: RESTON STATE: VA ZIP: 20190 8-K 1 a13-15323_18k.htm 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report:  June 20, 2013

Date of Earliest Event Reported:  June 20, 2013

 

 

MAXIMUS, INC.

(Exact name of registrant as specified in its charter)

 

Virginia

(State or other jurisdiction

of incorporation)

 

1-12997

(Commission

File Number)

 

54-1000588

(I.R.S. Employer

Identification No.)

 

1891 Metro Center Drive,

Reston, Virginia

(Address of principal executive offices)

 

20190-5207

(Zip Code)

 

Registrant’s telephone number, including area code:  (703) 251-8500

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

Item 8.01              Other Events.

 

Stock split

 

As previously reported, on April 16, 2013, the Company’s Board of Directors declared a two-for-one stock split in the form of a dividend of one share for each outstanding share for shareholders of record on June 14, 2013. The additional shares will be distributed on June 28, 2013. This will not change the proportionate interests that stockholders maintained in the Company.

 

We are providing selected financial information for past periods to reflect the effect of the stock split. All share and per share amounts have been adjusted for the two-for-one stock split throughout this report. The stock split has no impact on the previously reported results or consolidated net income of the Company. This information is being provided solely for informational purposes to show the effect of the stock split.

 

This selected financial information includes adjusted diluted earnings per share (EPS), which is a non-GAAP measure. We have provided a reconciliation from adjusted diluted EPS to diluted EPS, the most directly comparable measure computed in accordance with GAAP. Adjusted diluted EPS excludes the effects on earnings per share of legal and settlement expenses and insurance recoveries, the costs incurred related to the acquisition of Policy Studies, Inc., the benefit from a terminated contract and tax adjustments. We believe that adjusted diluted EPS serves as a useful basis for assessing the Company’s performance excluding the effects of these items. Adjusted diluted EPS is not meant to be used in isolation or as an alternative to diluted EPS or any other measure of operating performance.

 

Item 9.01.             Financial Statements and Exhibits.

 

(d)           Exhibits.

 

 

Exhibit No.

 

Description

 

 

 

 

 

99.1

 

Selected financial results

 

2


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

MAXIMUS, Inc.

 

 

 

 

 

 

Date:  June 20, 2013

By:

/s/ David R. Francis

 

 

David R. Francis

 

 

General Counsel and Secretary

 

3


 

EXHIBITS

 

Exhibit No.

 

Description

 

 

 

99.1

 

Selected financial results

 

4

 EX-99.1 2 a13-15323_1ex99d1.htm EX-99.1

Exhibit 99.1

 

MAXIMUS, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Year

 

 

 

 

 

 

 

Quarter Ended

 

Ended

 

Quarter Ended

 

 

 

Dec. 31,

 

Mar. 31,

 

Jun. 30,

 

Sept. 30,

 

Sept. 30,

 

Dec. 31,

 

Mar. 31,

 

 

 

2011

 

2012

 

2012

 

2012

 

2012

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

239,603

 

$

243,452

 

$

266,353

 

$

300,737

 

$

1,050,145

 

$

286,266

 

$

326,351

 

Cost of revenue

 

179,756

 

178,686

 

187,652

 

216,108

 

762,202

 

209,736

 

228,907

 

Gross profit

 

59,847

 

64,766

 

78,701

 

84,629

 

287,943

 

76,530

 

97,444

 

Selling, general and administrative expenses

 

32,756

 

37,959

 

43,877

 

42,810

 

157,402

 

42,222

 

46,693

 

Acquisition-related expenses

 

—

 

233

 

1,877

 

766

 

2,876

 

148

 

16

 

Legal and settlement expense (recovery)

 

186

 

(824

)

(352

)

1,080

 

90

 

142

 

—

 

Income from operations

 

26,905

 

27,398

 

33,299

 

39,973

 

127,575

 

34,018

 

50,735

 

Interest and other income, net

 

1,104

 

824

 

1,164

 

1,084

 

4,176

 

1,106

 

637

 

Income before income taxes

 

28,009

 

28,222

 

34,463

 

41,057

 

131,751

 

35,124

 

51,372

 

Provision for income taxes

 

10,351

 

14,011

 

13,987

 

17,303

 

55,652

 

13,341

 

19,658

 

Income from continuing operations

 

17,658

 

14,211

 

20,476

 

23,754

 

76,099

 

21,783

 

31,714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations, net of income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

—

 

—

 

—

 

—

 

—

 

(503

)

(91

)

Gain/(loss) on disposal

 

46

 

62

 

9

 

(83

)

34

 

36

 

66

 

Income from discontinued operations

 

46

 

62

 

9

 

(83

)

34

 

(467

)

(25

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

17,704

 

$

14,273

 

$

20,485

 

$

23,671

 

$

76,133

 

$

21,316

 

$

31,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.26

 

$

0.21

 

$

0.30

 

$

0.35

 

$

1.12

 

$

0.32

 

$

0.47

 

Income (loss) from discontinued operations

 

—

 

—

 

—

 

—

 

—

 

(0.01

)

(0.01

)

Basic earnings per share

 

$

0.26

 

$

0.21

 

$

0.30

 

$

0.35

 

$

1.12

 

$

0.31

 

$

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.26

 

$

0.21

 

$

0.29

 

$

0.34

 

$

1.09

 

$

0.31

 

$

0.45

 

Income (loss) from discontinued operations

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Diluted earnings per share

 

$

0.26

 

$

0.21

 

$

0.29

 

$

0.34

 

$

1.09

 

$

0.31

 

$

0.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

 

$

0.045

 

$

0.045

 

$

0.045

 

$

0.045

 

$

0.18

 

$

0.045

 

$

0.045

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

67,325

 

67,576

 

67,946

 

68,089

 

67,734

 

68,162

 

68,179

 

Diluted

 

69,115

 

69,455

 

69,736

 

70,066

 

69,611

 

69,752

 

69,909

 

 


 

MAXIMUS, Inc.

Adjusted diluted earnings per share

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Year

 

 

 

 

 

 

 

Quarter Ended

 

Ended

 

Quarter Ended

 

 

 

Dec. 31,

 

Mar. 31,

 

Jun. 30,

 

Sept. 30,

 

Sept. 30,

 

Dec. 31,

 

Mar. 31,

 

 

 

2011

 

2012

 

2012

 

2012

 

2012

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Diluted EPS from continuing operations

 

$

0.26

 

$

0.21

 

$

0.29

 

$

0.34

 

$

1.09

 

$

0.31

 

$

0.45

 

Legal & settlement expense and acquisition-related expenses

 

—

 

—

 

0.02

 

0.01

 

0.03

 

—

 

—

 

Terminated contract

 

—

 

—

 

—

 

—

 

—

 

—

 

(0.09

)

Tax adjustments

 

—

 

0.03

 

—

 

0.02

 

0.06

 

—

 

—

 

Adjusted diluted EPS

 

$

0.26

 

$

0.24

 

$

0.31

 

$

0.37

 

$

1.18

 

$

0.31

 

$

0.36